But the numbers clearly tell just a part of the story and are going to grow much bigger. 🔐
March payrolls dropped by 701,000 in the U.S. — just beginning to tell the tale of the coronavirus shutdown, which sent workers home midmonth.
The Labor Department said: “Employment in retail trade declined by 46,000. Job losses occurred in clothing and clothing accessories stores ; furniture stores , and sporting goods, hobby, book, and music stores . General merchandise stores gained 10,000 jobs.” While the economy has suffered severe slowdowns in the past, with the Great Recession or after the 9/11 terrorist attacks, COVID-19 is proving to be a different kind of challenge — not so much of a slowdown, but something closer to a full stop.
Much will depend on how quickly stores can start to reopen and life can return to something like normal.
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